2319 Ponce De Leon Rd Coral Gables, FL 33134
- Retail properties
- 4,348 SF
Current Use by Public Records
- Retail properties
Property Details for 2319 Ponce De Leon Rd
- Year built
- 1926
- Property size
- 4,348 SF
- Property type
- Retail properties
- Property subtype
- Banks
Description
This exceptional investment opportunity presents a fee-simple ownership of a 4,348 square foot bank building located at 2319 Ponce de Leon Boulevard in Coral Gables, Florida. The property, built in 1926 and renovated in 2006, sits on a 2,516 square foot lot and features two stories, conforming to MX2 zoning. Currently occupied by a credit-rated Popular Bank under a triple-net (NNN) lease, the property boasts a 100% occupancy rate since June 6, 2007. The lease, with a remaining term of approximately 3.4 years, includes a 3% annual rent increase. The current annual net operating income (NOI) is $289,680, resulting in a 5.56% cap rate and a price per square foot of $1,198.02. The asking price is $5,209,000. The property benefits from its location on a high-traffic corridor with over 16,000 vehicles per day, one block from Miracle Mile, and within a dense concentration of banking activity. The tenant's strong financial performance, with over $189 million in annual deposits, provides significant stability and security for this investment. This offering is suitable for a 1031 exchange. The property's location in Coral Gables, known for its affluence (median household income exceeding $118,000), further enhances its long-term value. The lease expires April 30, 2028.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Coral Gables
- County
- Miami-Dade
- State
- Florida
- Longitude
- -80.2584
- Latitude
- 25.7508
